The main reason behind the rise in lands prices is government’s continuous monoplisation of issuing new plots, Chairman of the Egyptian Businessmen’s Association Hussein Sabbour stated Tuesday.
He made these remarks during the first panel discussion of Cityscape Egypt conference titled “The future of urban development in Egypt”.
Cityscape Egypt 2016 kicked off on Tuesday April 5 at Royal Maxim Palace Kempinski under the rubric of ‘ The Future of Development: Urbanisation, Regeneration and Partnership’.
Sabbour noted that the government should stop playing the contractor role and play its role of supervising processes of issuing land plots according to the urban plans that it formulated.
The chairman emphasised on the importance of executing Egypt’s vision 2030 notably those goals related to real estate sector and housing projects that need more lands issuance which estimated at 25 billion Egyptian pounds.
Government’s sustainable development strategy – Egypt’s vision 2030 targets three main goals; economic development, competitiveness of markets and human capital.
During the first session, key real estate investors in the Egyptian market showcased the obstacles that face the growth of the Egyptian real estate market notably the rise in lands prices, the unclear vision, and the lack of trained and qualified labour.
Cityscape Egypt Conference features over expert 50 speakers from top developers, as well as government authorities including Dr. Assem El Gazzar, Chairman of General Organisation for Physical Planning, and Eng. Magdy Ghazi, Vice President of the Industrial Development Authority, as well as celebrity speaker Dr. Amr Ellisy, journalist and television presenter.
It is set to discuss the main feature of the Egyptian government’s future scheme and the updates of mega national projects and real estate regulations.